Agriculture

Fertilizer Co Coromandel proved Fertile

India's leading manufacturer of a wide range of Fertilizers, Coromandel International Limited has recorded six time higher growth in its audited financial results for the quarter and year ended 31st March 2014. 
Fertilizer Co Coromandel proved Fertile

The Board has declared a dividend of Rs. 4.5/- per share (450% on face value of Rs. 1 per share). Coromandel International Limited is India’s second largest Phosphatic fertiliser player. The company is in the business segments of Fertilisers, Specialty Nutrients, Crop Protection and Retail. The Company manufactures a wide range of fertilisers and markets around 2.9 million tons making it a leader in its addressable markets. The Company’s consolidated turnover has reached to Rs. 2184 crore by the quarter ended on 31st March 2014 registering a growth of 5% in comparison to the corresponding quarter of last year, which was Rs. 2079 crore.

Bolstered with an impressive growth, the Coromandel group has also entered into a JV alliance with Yanmar & Co. of Japan and Mitsui & Co. of Japan for manufacturing, marketing and providing after sale services of rice farm machinery in India. A company is being formed which will include three partners – Coromandel, Yanmar and Mitsui. Commenting on the financial results, Kapil Mehan, CMD of the Coromandel said – “Our concentrated efforts in providing quality inputs for the growth of agriculture in India gets reflected in our steady performance in adverse market conditions. Lower phosphate fertiliser imports resulting from demand contraction and a good monsoon in 2013-14 have allowed the industry to reduce pipeline stocks that had been built up during the year 2012-13. Disciplined approach and focused marketing initiatives helped in increasing market share for fertilizers and registering growth in all other businesses including Mana Gromor retail chain”.

A part of the INR 225 Billion Murugappa Group, the Coromandel has clocked a turnover of Rs. 8,560 Cr during FY 2012-13. It was ranked among the top 20 best companies to work for by Business Today and was also voted as one of the ten greenest companies in India by TERI, reflecting its commitment to the environment and society. In its endeavor to be a complete plant nutrition solutions Company, Coromandel has also introduced a range of Specialty Nutrient products including Organic Fertilizers. The Crop Protection business produces insecticides, fungicides and herbicides and markets these products in India and across the globe. Coromandel has also ventured into the retail business setting up more than 641 rural retail centers in the States of Andhra Pradesh and Karnataka.

Coromandel’s profit before depreciation, interest and taxes (EBITDA) for the quarter ended 31 March 2014 is Rs. 180 crore against corresponding quarter last year of Rs. 84 crore registering a growth of 114%. Consolidated net profit after tax for the quarter is Rs. 81 crore as against Rs. 12 crore in corresponding quarter last year. For the year ended March 2014 the Company’s consolidated turnover is Rs. 10053 crore registering a growth of 11.3% over previous year turnover of Rs. 9034 crore. Consolidated profit before depreciation, interest and taxes (EBITDA) for year ended March 2014 is Rs. 805 crore against previous years of Rs. 768 crore registering a growth of 4.8%. Consolidated net profit after tax reached to Rs. 357 crore, as against Rs.432 crore in the previous year. The Company’s subsidiary Sabero Organics also reported a turnover of Rs. 724 crore for the year ended March 2014 and Rs. 162 crore for the quarter ended March 2014. Net profit after tax for the year reached to Rs. 32 crore and Rs. 3 crore for the quarter ended March 2014. 

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